Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Pritchard Stockbrokers falls into administration

Pritchard Stockbrokers falls into administration

The Financial Services Authority (FSA) has said that Pritchard Stockbrokers has today entered the Special Administration Regime (SAR).

Timothy Ball, Roderick Weston and Alistair Wood at Mazars LLP have been appointed joint special administrators. 

Last month, rival stockbroker WH Ireland announced it had taken on Pritchard's assets and its client book, which included some 8,000 accounts. It paid £500,000 for the book, which had been valued at £400 million based on non-cash assets under management.

The new comes after the FSA issued a First Supervisory Notice to Pritchard, which prevented the firm from undertaking any further regulated activities.

The financial watchdog said Pritchard had used client money for its own expenses, thereby putting client money at risk’. It also froze the firm's asset and told the Bournemouth-based firm to inform clients that it had been barred for working for them.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play French fund CEOs: 'Brexit is a lose-lose situation for all of us'

French fund CEOs: 'Brexit is a lose-lose situation for all of us'

'We'll all lose out - but London is an international city, Paris is not.' Leading French asset management CEOs tell us what they think Brexit will mean for the investment business.

Play Mark Barnett - part 2: why I'm not buying Lloyds

Mark Barnett - part 2: why I'm not buying Lloyds

In the second part of our exclusive video interview, Barnett explains why he has no intention of buying Lloyds, and where he sees the greatest income opportunities.

Play Wealth managers reveal the best investment ideas of the year

Wealth managers reveal the best investment ideas of the year

From robotics to impact investing, wealth managers share the best ideas they have heard this year.

Read More
Wealth Manager on Twitter